Standard Chartered is one of the biggest banks in Europe, and it is also one of the first banks to make their own brokerage service. Aptly named Zodia Custody, the bank’s brokerage firm has plans to expand to Ireland. More specifically, they plan to help more institutional investors in Ireland make the shift to cryptocurrencies.
Zodia Custody is a crypto custodian platform that started late last year. Northern Trust is a US-based asset and wealth management firm. They have been working with SC’s Venture subsidiary, making them both parent companies of the platform. Other than teaming up for the platform, both companies have also managed to invest heavily in the blockchain industry over a matter of years.
The venture, started by Northern Trust and Standard Chartered, will specialize in crypto and digital asset management for various financial institutions. The firm has high hopes for its program, as they have already taken on board different pilot clients. Since launching in December of 2020, the pilot clients have shown positive results overall. During its launch, the firm was also able to register with the Financial Conduct Authority of the UK.
Zodia also offered an official statement where they informed relevant parties that they will be providing custody services. More specifically, they will their services will include cryptocurrencies like Bitcoin Cash, Bitcoin, Ripple, Ether, and Litecoin. Other than being some of the leading tokens in the industry, they are also very diverse. Furthermore, they will soon be adding more cryptocurrencies to the mix.
The significantly increasing interest of various institutions within digital currencies motivated Standard Chartered to make the platform. Despite institutions making up only 9% of investments in crypto, SC believes that it can grow under the right circumstances.
Other than working with Northern Trust, SC’s Ventures arm is also going to work with the BC Technology Group. This partnership will help them establish a cryptocurrency brokerage and exchange service. They will help corporate and institutional clients access Bitcoin, Ether, and various others like it.
In recent years, Ireland has managed to develop a business-friendly climate. This unique business environment has allowed it to become the European hub for fintech businesses and financial institutions. For example, Blockdaemon – a Goldman Sachs’ backed fintech company – recently opened an office in Galway. Another example is the “Digital Innovation Hub” – a subsidiary of the bank of New York Mellon – launched in Dublin.
While being an EU member state, it offers unlimited access to the common market of the Union. Various companies from within the crypto industry have also established their base of operations there. And with the environment that they have cultivated, it is easy to see why so many companies are making their way to Ireland.